Earnings down for Consumers

Staff report

Consumers Bancorp, the Minerva, Ohio-based parent company of Consumers National Bank, reported a slight decrease in earnings for the first three months of the year.

Consumers Bancorp recorded a third-quarter net income of $425,000, a $56,000 decrease from the same quarter in 2009, the company said Tuesday.

The decrease primarily was attributed to a $100,000 impairment loss on securities and a $51,000 loss from the sale of real estate the bank acquired through loan foreclosures, the company said in a statement.

“Excluding these two items, net income increased compared with the same period last year,” Ralph Lober, Consumers president and chief executive, said in the same statement.

The bank increased its allowance for loan losses as a percentage of total loans to 1.33 percent in the quarter, compared with 1.3 percent a year earlier.

The bank has had solid asset growth, including a 7 percent increase in its loan portfolio, Lober said.